Global Automotive IoT Market to Reach $529.6 Billion by 2030
The global market for Automotive IoT estimated at US$130.5 Billion in the year 2023, is expected to reach US$529.6 Billion by 2030, growing at a CAGR of 22.2% over the analysis period 2023-2030. Embedded IoT, one of the segments analyzed in the report, is expected to record a 20% CAGR and reach US$204.8 Billion by the end of the analysis period. Growth in the Tethered IoT segment is estimated at 23.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $41.4 Billion, While China is Forecast to Grow at 21.6% CAGR
The Automotive IoT market in the U.S. is estimated at US$41.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$91.4 Billion by the year 2030 trailing a CAGR of 21.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.4% and 18.8% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 15.4% CAGR.
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